Data from the Australian Securities and Investments Commission (ASIC) revealed a record 11,049 corporate collapses in 2023–24: Persistent inflation, high interest rates, and the Australian Taxation Office pursuing tax debts were blamed for the 40% increase in corporate insolvencies in 2023–24. “The usual suspects of inflation, interest rates and sentiment are influencing insolvencies”, Ashurst restructuring…
India’s specialist bankruptcy court, the National Company Law Tribunal (NCLT), has granted the administrator of Go First (Mumbai International) another 60 days to complete the carrier’s corporate insolvency resolution process. The court granted the extension, which now runs until June 3, during an April 8 hearing. Go First’s administrator, known locally as a resolution professional,…
EV Startup Fisker Goes Bankrupt After Recalling All of Its Ocean SUVs PCMag Read the original article here
Here is an overview of Byju’s and its troubles: WHAT TRIGGERED THE INSOLVENCY? The Board of Control for Cricket in India (BCCI) last year asked a tribunal to initiate insolvency proceedings against Byju’s for defaulting on $19 million of dues. The dispute is over payments related to sponsorship rights for the Indian cricket team’s jerseys. The two sides had settled the matter, with Byju’s agreeing to pay…
The troubled Australian electric vehicle fast charging company Tritium is facing financial collapse after its directors declared it to be insolvent, calling in voluntary administrators while its lenders also appointed a receiver to take control of the assets and seek buyers. In a statement issued overnight to the Nasdaq stock exchange in New York, where…
It’s officially official: Fisker has filed for bankruptcy, according to Reuters, and will begin to sell its assets and restructure its debt. This is only four months after owner, Henrik Fisker, began to signal that the company would potentially file sooner rather than later unless a large OEM stepped up to help it remain in…
Corporate insolvency has been on a steady rise since the government’s COVID-19 support measures ended, and forecasts indicate that this trend will persist amid ongoing economic challenges.Business failures have hit the construction, accommodation and food service sectors the hardest. From July 2023 to June 2024, ASIC reported a significant increase in company insolvencies, jumping by…
The troubled Australian electric vehicle fast charging company Tritium has collapsed after its directors declared it to be insolvent, voluntary administrators were appointed and its lenders called in receivers. The spectacular collapse of a Brisbane-based start-up that managed to grab a major share of the global EV fast charging market and was once valued at…
Highlights Craig Bellamy was declared bankrupt after a long and successful Premier League career. The former winger urged players to be cautious and avoid similar pitfalls. In a remarkable story, Bellamy has gone on to land his dream job as manager of Wales. The life of a footballer may often seem to be the high-life,…
The bench, also comprising justices J B Pardiwala and Manoj Misra, directed the BCCI to keep in a separate account Rs 158.9 crore received by it from Byju’s in view of a settlement | File image 1 min read Last Updated : Aug 14 2024 | 2:39 PM IST India’s top court on Wednesday…